Postmortem on Bank Nifty -12 Jul 2022

BN opened at 35298 gap down wrt yesterday’s closing mainly due to bad global cues. It immediately filled the gap by the 2nd candle itself. From there it was trading in a smaller range till 14.30. The price action from 14.30 looked very interesting and powerful — continous red candles with no pullback. And closing just below the support level of 35090

If we analyze the price action from the last 3 or 4 days, the dip made today is not that significant. It may or may not indicate a consolidation before BN picks up a directional trend.

Important Support and Resistance

s1: 34740, s2: 34364

Originally published at https://viswaram.substack.com on July 12, 2022.